Financial Performance - The company's revenue for the year ended December 31, 2020, was RMB 7,133.7 million, representing a decrease of 5.8% compared to the previous year[24]. - The net profit for the same period was RMB 521.2 million, reflecting a decline of 15.8% year-on-year[24]. - The gross profit margin for the year was 15.1%, an increase of 0.8% compared to the previous year, while the net profit margin was 7.3%, a decrease of 0.9%[24]. - The company's total sales for 2020 amounted to approximately RMB 7,133 million, with a net profit attributable to shareholders of approximately RMB 485 million[34]. - The total comprehensive income for the year was RMB 522.99 million, with the attributable profit to the owners of the company being RMB 485.47 million[65]. - Total comprehensive income decreased by approximately RMB 97.2 million or about 15.7% to RMB 523.0 million in 2020, with a net profit margin dropping from approximately 8.2% in 2019 to 7.3% in 2020[88]. - The company's profit before tax decreased by approximately RMB 115.4 million or about 13.9% to RMB 712.2 million in 2020[85]. Investment and Expansion Plans - The company plans to invest RMB 160 million in a joint venture for hydrogen energy, holding an 80% stake, to capitalize on the clean energy development opportunities in Henan Province[20]. - The company plans to expand its business into the hydrogen energy industry, including hydrogen production, storage, and sales, as well as the construction and operation of hydrogen refueling stations[20]. - The company plans to complete the construction of two advanced coke ovens with a capacity of 1.8 million tons by Q3 2021[34]. - The company plans to invest approximately RMB 160 million in a new wastewater treatment project with a processing capacity of 180 m³/h, utilizing advanced Israeli reverse osmosis technology, expected to commence production in Q3 2021[159]. - The company has initiated a project to establish a hydrogen energy industrial chain, leveraging its 49% stake in Jinjing Refining, which produces hydrogen with a purity of 99.99% and an annual capacity of 300 million cubic meters[147]. - The company plans to upgrade two existing 4.3-meter coking furnaces to advanced 7.65-meter furnaces, increasing annual production capacity from 1.2 million tons to 1.8 million tons, with a total investment of approximately RMB 2.45 billion[151]. Financial Position and Ratios - The asset-liability ratio as of December 31, 2020, was 0.22, indicating a stable financial position[29]. - The return on equity for the year was 17.6%, demonstrating effective management of shareholder funds[28]. - The return on assets (ROA) was reported at -4.2% for the year ending December 31, 2020[31]. - The current ratio was 1.7, indicating a stable liquidity position[32]. - The debt-to-equity ratio decreased in 2020 due to a reduction in bank borrowings and an increase in total equity from profits[110]. - The company's return on assets (ROA) decreased in 2020 due to a decline in profits[114]. Sales and Pricing - The average selling price of coke increased by 8.2% in the second half of 2020 compared to the first half[33]. - The average selling price of coke in 2020 was RMB 1,619.80 per ton, a decrease of 5.0% from RMB 1,705.90 in 2019[50]. - The average selling price of LNG in 2020 was RMB 3,058.90 per cubic meter, down 18.1% from RMB 3,735.40 in 2019[51]. - The average selling price of toluene in 2020 was RMB 3,237.70 per ton, down 30.2% from RMB 4,631.10 in 2019[51]. - The coke segment's revenue was RMB 3,586.7 million in 2020, accounting for 50.3% of total group revenue, with a gross profit margin of 26.2%[90]. - The energy products segment's average wholesale price of liquefied natural gas decreased by approximately 18.1% compared to 2019, resulting in a gross profit margin of 15.5%[91]. Cash Flow and Financing - In 2020, the net cash generated from operating activities was approximately RMB 1,212.2 million, an increase from RMB 1,071.7 million in 2019[95]. - The net cash used in investing activities was approximately RMB 1,296.3 million, significantly higher than RMB 506.1 million in 2019, primarily due to investments in property, plant, and equipment[97]. - The net cash used in financing activities was approximately RMB 259.1 million, a decrease from a net cash inflow of RMB 549.2 million in 2019, mainly due to reduced bank borrowings and dividend payments[98]. - The total interest-bearing borrowings as of December 31, 2020, were approximately RMB 861.7 million, a decrease from RMB 1,043.5 million in 2019[61]. - The financing cost for 2020 was approximately RMB 61.7 million, representing 0.9% of total revenue, an increase from 0.7% in 2019[61]. - The company maintained a cash reserve to ensure liquidity, with cash and cash equivalents at the end of 2020 amounting to RMB 1,355.1 million, down from RMB 1,697.8 million at the beginning of the year[95]. Corporate Governance - The company has committed to a robust corporate governance framework, ensuring compliance with international standards and enhancing internal control systems[167]. - The company appointed a new independent non-executive director on December 23, 2020, to comply with listing rules after a temporary shortfall in independent directors[170]. - The company has established a compensation committee to oversee remuneration for directors and senior management, ensuring alignment with corporate performance[163]. - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[179]. - The board held four meetings and passed five written resolutions during the year ending December 31, 2020, with a 100% attendance rate from executive directors[184]. - The company has adopted a management authorization system to clarify the decision-making authority and responsibilities of various levels of decision-making bodies and personnel[185].
金马能源(06885) - 2020 - 年度财报